There were many changes since I've started the Pipes. I want to continue the project, but I have to change things to do so.
Reasons and Changes
Steem changed much with HF18.
With the weekly payout option, it makes more sense doing weekly posts (vs. daily). That also helps me save time, and make less noise on the chain.
When the Comment Reward Beneficiaries will have a UI, I can redirect my rewards to my main account as Steem Power automatically. That also saves me time.
I've problems with the code that pull data from SteemData (since HF18). It could be fixed, but I don't want to halt the project every time when I cannot fix it, and I couldn't depend on others' free work. Making detailed posts about promotion also required much time. I want to use that time to promote contents instead.
Full, Updated Description
Burn Some SBD
As you may know, SBD is debt. It's the acronym of Steem Based Dollar, but it could be easily associated with Steem Based Debt, too.
It's not the enemy, though. I want to state this before you could start thinking that I'm against it. We need a stable currency next to STEEM, and SBD is good for that now.
We need SBD, but we don't need much until we won't have active marketplaces, merchants who accept it. We need it for now to show it as an opportunity, and also give the option for the authors to keep value in a stable currency. But debt is debt, and if it won't generate more value than it costs, we need less of it.
SBD burning is a common good. When someone burns a dollar, the value of that dollar spreads among the SBD holders. If the price of SBD is rising above 1$, witnesses can lower the APR (so the burden of the network). The system can print new SBD when it's needed.
How It Works
I offer this option you as a last thing after upvoting/downvoting authors. When you have remaining voting power and you don't want to give that for others for any reason (inactivity does similar), you could vote for a Steam for Steem post.
- On every week, I will make a Steam for Steem post.
- Users voting as they see fit. The account collecting SteemPower after the posts. (100% SteemPower rewards option)
- The account is Powering Down continuously, every week. I'll exchange 90% of the Steem to SBD.
- I'll use all the SBD to Promote contents.
Post promotion uses the @null account to burn SBD. This way, we don't just burn SBD with all the good effects of it but give the authors better visibility, and maybe generate more demand for Promotion.
I want to bring some gamification and uncertainty (luck) to this.
- I'll divide the weekly SBD amount (from the power down) by 100.
- Randomly go to the Promotion tab at Steemit, and start promoting the first post in the list that I don't promoted already.
- The amount of the promotion is a random number between 1 and 100 percent multiplied by 1/100 part of the weekly promotion fund
- I'll also upvote the post using the random percent as a weight (I'll use 100% when I don't have enough SP to set a weight, and I'll upvote without promotion until the first power down.)
- Users, who thinks these upvotes are good ways to incentivize authors to promote their own posts, could follow the votes of Pipes by an autovoting service, or they could delegate voting power to this account.
- If I don't use up the whole weekly funds, it will be in the next week's funds. All the promotion funds will be burned sooner or later.
As you have seen that 90% of the post earnings of @pipes will be shared back. At every power down, I'll use the remaining 10% as a reward for my efforts. To be sure it's not a hit and run, I'll power up all of it to my account. You can see from my accounts' histories that I only withdraw my earnings from the network when I absolutely need to (that has never happened, but surely it will). I may vote for my own posts, too.
I've learned that one of the main foundations of Steem is that it wants to reward the users for even the smallest things that they do for the network. In the past I did many things for many people just to learn that how easily the world abuses my good intentions and leave me alone after the last drop. That's why you can see that I'm seeking ways to be compensated after my work.
I want to add to this, that any SBD you send to Pipes, will strictly used for promotion, never sending part of it to me, and never convert it to Power Up Pipes.
Since I'm openly against curation rewards, I won't send them to my personal account (if any, because I'll never take the rules of curation rewards into account when Pipes votes).
That means, my real rewards will be below 10%. I'm OK with that, I want to be fair and true to myself at the same time.
Q: Why do you want to burn SBD?
A: SBD is debt, and the Steem network pays interest after it. The less we have, the less we have to pay.
Q: How SBD is debt?
A: SBD is a smart contract, where the Steem network agree to pay 1 USD worth of STEEM in the future.
Q: I don't want debt. Why we don't abolish the whole thing?
A: Steem could attract more merchants, authors with a stable currency, and dollar is used worldwide, and known even there where it isn't used.
Q: Oh, it's good and bad at the same time. I have to ask again, why do you want to burn it if we need it?
A: Burning is not the same as abolishing. With burning, we just make it a more scarce resource, and more valuable that way. Until there will be bigger useful demand, we don't need much SBD. Holding SBD inactively doesn't help Steem. It's like sitting on the capital. However, we have to keep it, because we have a demand for it.
With burning, we just balance the supply to the useful demand.
Q: You were blind until now? You should act sooner!
A: I wasn't confident in myself enough to start something like this, I have an endless fight with time, and I used to struggle more than Steem itself... I think we have many members in our network who are way clever, confident, wise than me and I saved my ego with being silent and don't get hurt. Also, debt is a bigger problem when STEEM falls to a low price, because we have to give more STEEM for each SBD. When STEEM has been falling below 10 cents, I didn't want to wait with this anymore and thought about how to start it, what would be the best option that I could do with my current knowledge.
Q: Why the randomness, why don't you promote posts equally?
A: Because that won't shake up anything and doesn't seem to be fun. If everyone is sure in the extra promotion, it wouldn't has much incentive. It have to has a little chance to change the order a bit. It has to promise that you could have a better position than you pay for, if you are lucky. It also incentivize the advertisers/promoters to pay more and get back to the top places if they lose that by this randomness.
Q: But why I would spend more for promotion if someone could overtake me by luck?
A: I'll start the whole promoting on the top of the Promotion page. I don't promise that I will promote a certain number of posts every day. One day, I may promote the top 10, other day it could be the top 60. That way, you have more chance to get extra promotion if your post is already well promoted. If you have questions about the randomness, see the previous question.
Q: Are you saying that you won't investigate the post's quality? You should reward good posts more!
A: The community could decide if a post is a garbage in their opinion. Who am I to make personal choices with the funds other have given me for promotion? No, luck is more fair than me, I only use my main account to reflect what I think is good personally, so if you are curious about my preferences, you could see the votes of @tibonova (I vote few times, because I actually read what I upvoting, read what I downvoting, and many times I read but don't vote on neutral things).
Q: You will vote with this account, too. I want to follow your votes, but you will upvote everything without selection. What do you think about this?
A: As I've written before, I will start to promote at the top of the Promoting page. Since not just the authors could promote contents, the top promoted contents will be those that the community (with the author) think worth those positions. If you are super sensitive about this, wait for the next hardfork and delegate SteemPower (Vests) to this account. With that way, your account won't be connected with my votes.
Q: Do you think you have the whale support for this?
A: No, I only hope that.